Ticketmaster jumps on new coverage

CBS.MarketWatch.com

PASADENA, Calif. (CBS.MW)--Shares of Ticketmaster jumped 11 percent Friday as Thomas Weisel Partners started coverage of the stock with a "buy" rating.

Shares of the stock rose 2 5/8 to 25 5/8 on volume of 1.92 million shares.

Shares of the company
tmcs
which went public late last year, hit a 52-week low of 21 9/16 on June 15. The stock hit 80 1/2 last Dec. 23. The three-month average volume for Ticketmaster is 550,000 shares.

Analyst Gordon Hodge told CBS.MarketWatch that he views the stock as a good buy due to the recent acquisitions made to boost its presence in the local website market.

He says Ticketmaster's CitySearch service has "a very good shot at chipping away from local newspaper classified advertising."

Ticketmaster also bought CityAuction, a leading local internet auction site which should also contribute to its revenue, according to Hodge.

Lastly, the company has expanded its stake in the local online personals market through acquisitions of match.com and oneandonly.com.

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